ReNew Power has secured fresh debt financing of up to $350 million (~₹24.91 billion) from the Overseas Private Investment Corporation (OPIC).

The funds will be utilized by ReNew Power to support the construction of new wind and solar power projects in India.

In March 2016, Mercom had reported about ReNew Power signing an agreement with OPIC to receive debt financing of up to $250 million as part of the ReNew Master Financing Facility. In November 2016, both the parties signed a commitment of approximately $74 million to set up a 100 MW solar project in Telangana. The project was the first to be approved under this facility to develop, construct, and operate solar projects under the National Solar Mission (NSM). Under the ReNew Master Financing Facility, up to 400 MW of solar projects would be constructed in India across multiple states.

“We are happy that OPIC has once again reposed their trust in ReNew Power and our vision to transform India’s energy landscape. This fresh round of debt funding from OPIC is a validation of ReNew Power’s strong performance as a provider of clean, affordable energy in India,” said Sumant Sinha, Chairman and Managing Director, ReNew Power.

Ray W. Washburne, President and CEO of OPIC said, “Investment in new and reliable energy will help India diversify its power generation, which is critical in order to meet growing energy demand and sustain economic growth. OPIC looks forward to continuing its partnership with ReNew Power and supporting its commitment to advancing economic development throughout the Indo- Pacific.”

OPIC is the U.S. government’s development finance institution.

Recently, the institution provided 600 million shillings (~$5.86 million) to CrossBoundary Energy, a Nairobi-based company which funds commercial and industrial solar in East Africa.

Prior to this, in September 2018, OPIC committed $25 million in financing to the Solar Energy Transformation Fund LLC, aimed at providing loans to companies developing off-grid solar products and solutions for the millions of people in Sub Saharan Africa and Asia who lack access to electricity.

In June 2018, OPIC signed a $5 million loan guarantee with India’s IndusInd Bank. The guarantee was to support Grameen Impact, a non-bank financial institution backed by Grameen Capital India in its focus on the growth of local small and medium enterprises.